'We are excited to be commencing this multi-faceted drill program at Yeungroon with focused diamond drill holes at the historic Golden Jacket mine,' stated
Drill Program
The Company has mobilized a diamond drill rig to commence a focused drilling program consisting of four planned holes designed to test the high-grade gold potential along strike and below the historic Golden Jacket mine. The Golden Jacket mine is associated with the property-scale, northwest-trending Golden Jacket fault which transects the property for over 30 kilometres of strike length. Historic small-scale production from the Golden Jacket mine was reportedly 1,400 ounces of gold at approximately 250 grams per tonne1. The planned drill holes at the Golden Jacket mine will represent the first ever drill holes to investigate the structural controls on quartz reef-hosted mineralization along the fault.
The Company is also finalizing the first collar locations for a large RAB (rotary air-blast) drilling program along the Golden Jacket fault and interpreted parallel structures. The RAB program will consist of a series of long east-west traverses of closely spaced shallow holes designed to test the bedrock below post-mineralization cover rocks.
Geochemical and lithological data from the RAB program together with structural data from the Golden Jacket mine drilling will be used to inform further drilling and geophysical interpretation along the structure and to identify and prioritise areas for systematic follow-up.
Community Engagement
Outback recognises the importance of open and honest community engagement in all our exploration activities. We approach all our exploration activities in a sustainable manner and ensure our activities comply with the Victorian Code of Practice for Mineral Exploration. As such, community consultation with local landowners has commenced well and is ongoing.
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CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain 'Forward-Looking Statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 'forward-looking information' under applicable Canadian securities laws. When used in this news release, the words 'anticipate', 'believe', 'estimate', 'expect', 'target', 'plan', 'forecast', 'may', 'would', 'could', 'schedule' and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the development of the Company's mineral projects, including drilling programs and mobilization of drill rigs and future mineral exploration and development.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Outback, future growth potential for Outback and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; Outback's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect Outback's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and Outback has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities in
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Email: ir@outbackgoldfields.com
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